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AGL Leases 200,000 SF at Ten Peachtree Place for Bargain $15 per SF

ATLANTA-The locally based utility holding company reportedly got a bargain at $14.75 per sf, versus the midtown average of about $21 per sf. Its choice of the Midtown property is expected to help revitalize a market that has been soft for a decade.

By Marita Thomas | Updated on June 03, 2002

ATLANTA-AGL Resources has leased 17 floors, representing about 200,000 sf of Ten Peachtree Place. The lease brings the 19-story, 260,000-sf Midtown building to 92% occupancy.

The Atlanta-based gas distribution and energy company will consolidate its area operations and staff of about 550 employees in the new headquarters. The move date is scheduled for first-quarter 2003.

According to published reports, the long-awaited AGL selection was obtained at a bargain $14.75 per sf. Brokers familiar with the property and the tenant tell GlobeSt.com the significant discount is based on AGL’s prestige and creditworthiness along with the area’s low occupancy rate.

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